A bank loaned out $30,500, part of it at the rate of 6% annual interest, and the rest at 5% annual interest. The total interest earned for both loans was $1,660.00. How much was loaned at each rate? $ was loaned at 6% and 2$ was loaned at 5%.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
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Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...
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A bank loaned out $30,500, part of it at the rate of 6% annual interest, and the rest at 5% annual
interest. The total interest earned for both loans was $1,660.00. How much was loaned at each rate?
was loaned at 6% and
was loaned at 5%.
Transcribed Image Text:A bank loaned out $30,500, part of it at the rate of 6% annual interest, and the rest at 5% annual interest. The total interest earned for both loans was $1,660.00. How much was loaned at each rate? was loaned at 6% and was loaned at 5%.
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